The U.K.'s Office of Financial Sanctions Implementation on Jan. 2 amended a Russia-related general license to reflect the name change of VTB Bank (Europe) SE to OWH SE. The license, issued in March 2022, authorizes certain transactions involving Russia-based VTB Capital and its subsidiaries (see 2203020019).
The European Council on Jan. 3 added Russian-owned diamond mining firm PJSC Alrosa and its CEO Pavel Alekseevich Marinychev to the Russia sanctions list, the council announced. The company is responsible for over 90% of all Russian diamond production, the council said, adding that the designations "complement" the import ban on Russian diamonds adopted Dec. 18 (see 2312180070).
The Commerce Department’s export enforcement actions in 2023 resulted in the “highest number ever” of convictions, temporary denial orders and post-conviction denial orders, the Bureau of Industry and Security wrote in a year-end review. It also said it worked with foreign governments to complete over 1,500 end-use checks, “our most ever in a single year,” and added more than 465 parties from China, Iran, Russia and elsewhere to the Entity List.
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Export Compliance Daily is providing readers with the top 20 stories published in 2023. All articles can be found by searching on the titles or by clicking on the hyperlinked reference numbers.
Switzerland brought its Russia sanctions regime in line with the EU's by adopting the bloc's 12th sanctions package following Russia's invasion of Ukraine (see 2312180070), Switzerland's State Secretariat for Economic Affairs announced. The sanctions package adds 61 people and 86 entities to the list and implements a phased ban on Russian diamonds, though the secretariat noted that there are no longer any direct diamond imports from Russia to Switzerland since the invasion.
The EU General Court on Dec. 20 granted Russian business executive Sergei Mndoiants' request to annul his placement on the Russia sanctions list. The court also rejected similar requests from oligarchs Roman Abramovich and Vadim Nikolaevich Moshkovich.
The Office of Foreign Asset Control’s $1.2 million settlement with San Francisco-based currency exchange CoinList Markets this month shows U.S. sanctions enforcement of the cryptocurrency industry continues to be a “focus” for OFAC, Sheppard Mullin said in a December client alert. The firm said the case highlights the importance of virtual currency exchanges investing in compliance controls, especially if they offer financial services to customers around the world.
The U.K.’s lead sanctions agency plans to add more employees and resources over the next year, saying that should lead to speedier decisions on license applications and more sanctions-related investigations. It also said it will soon issue penalties for Russia-related violations and wants to expand its mandatory sanctions reporting requirements.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.